Espaillat Delivers $185 million in Tax Cuts for 77,000 Hardworking New York Families in 2021
Press Release
Representative Adriano Espaillat (NY-13) will deliver approximately $185 million in tax cuts for more than 77,000 hardworking families in New York's 13th congressional district this year through the expanded Child Tax Credit, according to new estimates from the Joint Economic Committee, and many of these families will see even more tax cuts when they file their taxes next year.
Statewide, an estimated $4,986,200 in tax cuts will go to more than 2,010,000 hardworking families. Nationwide, 90 percent of families with kids received the Child Tax Credit monthly tax cuts this year.
"We are continuing to deliver for the American people as communities continue to recover from the pandemic, and the Child Tax Credit has put more of hardworking families' own money back in their pockets each month," said Rep. Espaillat. "Ahead of the holidays, that means gas to visit family, extra money to buy presents for the kids, and grocery money to get holiday dinner on the table. Additionally, many of these families will see even more tax cuts when they file their taxes next year."
The American Rescue Plan expanded the Child Tax Credit to up to $3,600 per child for children ages 0 to 5, and $3,000 per child for children ages 6 to 17. The American Rescue Plan also authorized advance monthly payments of that tax cut beginning in July and running through December 2021 - allowing families to get up to $300 a month per child for children ages 0 to 5 or $250 a month per child for children ages 6 to 17 each month. Families will get their remaining expanded Child Tax Credit when they file their 2021 tax return next year.
Families are using the advance CTC payments to meet the needs of their households in real time. According to the latest Census Bureau data, 56% of families spent their CTC payment on food, 33% spent it on internet and other utilities, 30% spent it on mortgage/rent, 30% spent it on clothing and 11% spent it on child care.
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